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AEP Transmission, a subsidiary of American Electric Power (NASDAQ:AEP) has closed on a $1.6 billion loan guarantee at a preferred interest rate from the U.S. Department of Energy's Loan Programs Office (LPO) to upgrade nearly 5,000 miles of transmission lines in Indiana, Michigan, Ohio, Oklahoma, and West Virginia while saving customers an estimated $275 million in financing costs over the life of the loan, benefits that customers will realize through lower costs in their bills.
The upgrades supported by this financing will replace existing transmission lines in existing rights-of-way with new lines capable of carrying more energy. The upgrades will provide enhanced reliability for customers and facilitate new economic growth opportunities by bringing additional power capacity to the communities AEP serves. AEP estimates that 1,100 construction jobs will be created through these projects.
Energy demand is increasing across AEP's footprint. Customers have committed to business expansions or additions that will require an additional 24 gigawatts of electricity demand by the end of the decade. The upgrades have primarily been identified to support data center, artificial intelligence and manufacturing development and represent generational load growth on the electric system. Seeking federal funding opportunities and implementing rate structures that ensure new large customers are supporting infrastructure investment are some of the ways AEP is working to reduce rate impacts for customers.
Posted In: AEP
